StepStone Group acted as sole lead investor in a new continuation vehicle to recapitalize US Fertility, Amulet Capital Partners’ national fertility services platform. The transaction includes other existing and new investors, with no financial terms disclosed. US Fertility, described as the nation’s largest partnership of physician-owned and physician-led fertility practices and IVF laboratories, operates more than 120 clinic and IVF laboratory locations and employs over 200 physicians.

Since its formation in 2020, the platform has helped over 400,000 individuals and couples build their families. The deal builds on a 2025 partnership where L Catterton joined Amulet as co-lead investor alongside US Fertility’s physician partners and management team. Sam Brinkley, partner at Amulet Capital Partners, praised US Fertility as a rare healthcare platform with national scale and deep physician alignment.

Evercore and Morgan Stanley advised Amulet, while Kirkland & Ellis served as legal counsel and Debevoise & Plimpton advised StepStone. The news brief was produced with AI assistance.